In this morning’s bitcoin price we highlighted the levels that we were going to keep an eye on throughout today;s session, and suggested where we would be looking to get in and out of the market according to our intraday strategy if we get any volatility. Action has now matured throughout the day and as we head into a fresh Asian session, what are the levels that we are keeping an eye on, did the levels we slated this morning hold firm or did we get a break out, and where will we be looking to enter the markets according to our intraday strategy this evening? Take a look at the chart.
As you can see, the bitcoin price declined towards our in term support around the time we published our piece, and has since corrected to the upside – initially with a small move, but over the last couple of hours or so, much more considerably. In fact, we broke through in term resistance around midday and quickly reached our upside target of 231.68, for a nice upside scalp profit. From this level, we have since corrected a little bit, and now trade between what serves as in term support at 228.16 and resistance at 231.68 for this evening’s key levels.
We will initially look for a further upside break of in term resistance to validate a medium-term upside target of 235 flat. On this trade, a stop loss somewhere around 230 flat (current levels) Us to maintain a positive risk reward profile. If we break back below in term support, it will put us short again towards today’s lows at 232.12. Again, a stop loss is warranted on this trade, so somewhere around 229.5 should keep things attractive from a risk management perspective.
Charts courtesy of Trading View